UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F
                               Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3/31/2010
Check here if Amendment []; Amendment Number:
                                               -------
This Amendment (Check only one.):               [] is a restatement.
                                                [] adds new holdings entries.

Institutional Investment Manager Filing this Report:


Name:      One Compass Advisors

Address:   200 East 12th Street
           Jeffersonville, IN  47130


Form 13F File Number: 028-10338


The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Persons Signing this Report on Behalf of Reporting Manager:

Name:   Paul H. Stropkay, CFA
Title:  Senior Vice President
Phone:  (502) 569-5770

Signature,  Place,  and  Date  of  Signing:

/s/ Paul H. Stropkay               Jeffersonville, IN                 5/12/2010
- ---------------------------------  ---------------------------------  ----------
[Signature]                        [City, State]                      [Date]



Report  Type  (Check  only  one):

[X]     13F HOLDINGS REPORT. (Check here if all holdings of this reporting
        manager are reported in this report.)

[ ]     13F NOTICE. (Check here if no holdings reported are in this report,
        and all holdings are reported by other reporting manager(s).)

[ ]     13F COMBINATION REPORT. (Check here if a portion of the holdings for
        this reporting manager are reported in this report and a portion are
        reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:

13F File Number  Name

28-03697         Sound Shore Management, Inc.
- ---------------  ---------------------------------------------------------------
28-04557         Wellington Management Co.
- ---------------  ---------------------------------------------------------------
28-00096         Capital Guardian Trust Co.
- ---------------  ---------------------------------------------------------------
28-05621         Santa Barbara Asset Management
- ---------------  ---------------------------------------------------------------
28-01911         Robert W. Baird & Co.
- ---------------  ---------------------------------------------------------------
28-05269         Earnest Partners, LLC
- ---------------  ---------------------------------------------------------------
28-06451         Sterling Capital Management
- ---------------  ---------------------------------------------------------------
28-11092         TimeSquare Capital Management
- ---------------  ---------------------------------------------------------------



                              Form 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:                    0

Form 13F Information Table Entry Total:               8

Form 13F Information Table Value Total:  $        4,773
                                         --------------
                                         (In Thousands)


List of Other Included Managers:

Provide a numbered list of the name(s) and 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE







                                                  FORM 13F INFORMATION TABLE

         COLUMN 1             COLUMN 2    COLUMN 3  COLUMN 4     COLUMN 5       COLUMN 6  COLUMN 7      COLUMN 8
- -------------------------- -------------- --------- -------- ----------------- ---------- -------- -------------------
                                                     VALUE   SHRS OR  SH/ PUT/ INVESTMENT  OTHER    VOTING AUTHORITY
      NAME OF ISSUER       TITLE OF CLASS   CUSIP   (x$1000) PRN AMT  PRN CALL DISCRETION MANAGERS  SOLE   SHARED NONE
- -------------------------- -------------- --------- -------- -------- --- ---- ---------- -------- ------- ------ ----
                                                                                 
ACTIVISION BLIZZARD INC    COM            00507V109      132   10,960 SH       SOLE                 10,960      0    0
APPLE INC                  COM            037833100      251    1,069 SH       SOLE                  1,069      0    0
BECTON DICKINSON & CO      COM            075887109      221    2,810 SH       SOLE                  2,810      0    0
EXXON MOBIL CORP           COM            30231G102      363    5,423 SH       SOLE                  5,423      0    0
FIFTH THIRD BANCORP        COM            316773100      207   15,286 SH       SOLE                 15,286      0    0
MEDCO HEALTH SOLUTIONS INC COM            58405U102      219    3,400 SH       SOLE                  3,400      0    0
ORACLE CORP                COM            68389X105      217    8,458 SH       SOLE                  8,458      0    0
US BANCORP DEL             COM NEW        902973304    3,163  122,226 SH       SOLE                122,226      0    0